Pix updates limits and explores connection with European payment system

The Central Bank of Brazil has implemented new rules for Pix contactless payments, removing the fixed R$ 500 transaction limit effective October 1. Under the new regulations, customers can request to increase or decrease their authorized limits through their banking applications, provided the amounts remain within their specific account security settings. This change also applies to QR code transactions and Open Finance operations.

Separately, the Central Bank of Brazil and the European Central Bank are evaluating a project to connect the Pix system with the European Union's instant payment infrastructure, the Target Instant Payment Settlement (TIPS). The goal of this potential integration is to facilitate faster, cheaper, and more transparent international transfers between Brazil and Europe by allowing the two central bank infrastructures to communicate directly.